HOMEWORK QUESTION NO 1
A. WHAT IS THE GENESIS BLOCK?
B. WHAT ARE THE SIGNIFICANCE OF THE GENESIS BLOCK?
C. EXPLORE THE BITCOIN GENESIS BLOCK AND INDICATE HOW MANY TRANSACTION SO FAR AND THE NUMBER OF BITCOINS.
INTRODUCTION
I am delighted to be once again in steemit. Greetings to you all. The purpose of this post is to share more light on different aspect of crypto cuyrrency. We know that the world best technology used today is crypto currency. This was designed for a better trading of coin in monetary value.
This technology has improve the standard of living, through the way people feel secured when dealing with it. This makes people to invest there money via different coin known as the currency, rather than investing in bank that will take a longer process. This means that when the invest there token, there will be an assured hope of getting higher value rather than banking system.
So, inorder for people to acknowledge the scene behind crypto currency, the need to understand some basic thing build in crypto currency. This include the way is is designed and how to function with it and this will lead us to a feature found in crypto currency known as Genesis Block
The Genesis Block
1a) What is the Genesis block?
We need to understand first the word Genesis. According to research and brain proof of understanding Genesis is the origin where some thing is formed. It is the foundation of anything to grow and the origin where by something is mined out first, this is said to be called Genesis.
So in term of blockchain, Genesis Block is the first origin of a block that was formed from a blockchain. This means that for a better way of a genesis block to be comprehended as an origin of block, it need to give way to block 0. This block 0 is the block used to mined other block in a blockchain. It is through is that anything block is created and it is said to be the first block of other block.
The genesis block is the root for any block to function in a block chain. The main feature of this block is that, all other block can be traced and for any block to stand on it own, it need to have it harsh as a complement of it creation.
Also genesis block has other block for other crypto currency. So, for any currency to have is origin, it need to posses the existence of genesis block. For a crypto currency in a block chain to have an origin of genesis block, it must have a well fromed block known as Block 0 or Block 1. The are as follow:
- Bitcoin first block
- Ethereum first block
- Stellar first block
- Lite coin first block e.t.c
The Component of Bitcoin Genesis Block
As the research history believd that on 3rd January, 2009, that a transaction bring an invention of the bitcoin genesis block known as a man called Satoshi Nakamoto. This has brought the existence of crypto currency with a vast effect to world wide creation.
The Block 1
This is the first block mined at 6 days interval after the genesis block. This was proved throught the way bitcoin was mined. This was possible back then because it takes about 10 minutes to mine a block in bitcoin and the netwrok then was not very large.
We know that back then people were not fully educated to crypto currency which involves the bitcoin genesis block. So few people will ascertan to this network and it will save less energy. But to balance the rate now, the bitcoin block has made it harder for any block to mine. The rate of people trading in bitcoin is higher than before.
The Wallet
For every crypto currency to have a normal tone for trading, it is necessary that it has the wallet. This wallet helps to store the currency of different crypto. It is a unique feature through the way it is made transparent, this means that transaction done in the wallet will be stored and save.
Every wallet has its address. So, for bitcoin it has its address in its wallet. The bitcoin block has its wallet for accumulating any transaction done in bitcoin both trading or vesting.
The Explorer
The bitcoin block has its explorer. The term explorer means where a certain task can be done in a block chain. Explorer also makes it easier for everyone to access to the block chain any time, any where. It serves as a short cut or ruot to a particular block chain.
So the bitcoin explorer has a wonderful feature and it is through it you can have easy access to your wallet. This explorer contains the amount of BTC available and the already used one. It also contains other feature when dealing with transaction to the bitcoin block.
The Coinbase Transaction
This coin base transaction is a aim achived when miners, mined a block. This serves as a reward to those who mined a block.
In bitcoin block it has, its reward when a block is mined in it. This is also the only transaction in the bitcoin block.
b) What are the significances of the Genesis Block?
For a prove that Genesis block was the first origin of other block, it need to have a significance of the prove. So i will state some signficance showing that genesis block is the origin of a block.
It is through the bitcoin genesis block mining that pave way to other potential assect of block chain in this our modern technology world. This also means that the block has an impact over other block chain created and has created value in return.
It has made it possible for different problems to be solved today. The way bitcoin genesis block has created an easier way of trading via money or coins, it is said to be easy and simple and has improve the standard of living.
It is through the succession of bitcoin genesis block that has given birth to other crypto currency. For something to succed at the first time, when no althernative is beeing gathered, it is said to be the father of any thing created similar to it. So bitcoin genesis block is the father or the origin of other cryptocurrency.
It has improve the scene behind a decentralised sytem by which more currency are made decentralized. This shows that anything decentralized is very reliable for use. So really bitcoin genesi block is a reliable source for trading via coins.
The genesis block has a systematic way or rule in which any block is being mined. This means that data being stored in it is accurately for use. So bitcoin genesis block is a well organised block which stored data.
It is the role model of other block, because it is well orderly in terms of arrangement. This has made people to put their mind in it and this is one of the evidence among all for people who become rich today.
c) Explore the Bitcoin Genesis block and indicate how many transactions so far and the number of bitcoins.?
To begin we will go over to the bitcon explorer. We know that the bitcoin explorer is one of the component of bitcoin genesis block. This feature makes it easier for people to access the bitcoin block easily and explore more things.
So the hash of this block is represented with this letters:
000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
- I first and visited the bitcoin explorer with this link
- I input the hash of the block i want to explore in the search button, i click enter.
TO BE CONTINUE
In the screen shot above, there are some information in the bitcoin genesis block. The information gives details about how the block is being operated, it include:
- The time and date in which the block was mined
- The confirmation of the genesis block
- The total revenue of BTC mined
The following details gives us the feature of what is in the screen shot above:
| EXPLORED | DETAILS |
|---|---|
| Date and Time | It was mined on January 03, 2009 at 10:15 AM PST by Unknown |
| Confirmation number | The block currently has received 709,562 confirmations on the Bitcoin blockchain |
| Total revenue of BTC | The current total number of BTC mined is 50BTC which gives us an equal sum of ($3,206,483.00) |
TO CONTINUE
This shows the block transaction of the bitcoin genesis block. The screen shot above have a little features, the include:
- The amount mined
- The fee included
- The hash code
- The date of the amount mined
- The sender adress
- The receiver address
This is the following result of the above screen shot:
| EXPLORED | DETAILS |
|---|---|
| Amount mined | 50.00000000 BTC |
| Fee included | 0.00000000 BTC (0.000 sat/B - 0.000 sat/WU - 204 bytes) |
| Hash code | 4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2 |
| Date mined | 2009-01-03 10:15 |
| Sender address | COINBASE (Newly Generated Coins) |
| Receiver address | 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa 50.00000000 BTC |
This is also another feature of the block with it information, it contains the following:
- The hash, confirmation, timestamp, height, miners
- The number of transaction
- The difficulties occurence
- The merkle root, version, bit, weight, size, nonce.
- The transaction volume, block reward, fee reward
So the above screen shot shows clearly the details found in each of the explored.
I also screen shot the receiver address that received 50BTC, which enables me to know the total transaction in the block, it is represented with this letters 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
It shows that the above screen shot has been transacted 3,115 times, and has received a total number of
68.52527121 BTC which is eqaul to ($4,386,041.53).
The transaction above was traced through the receiver address. It states the different hash and fee transacted in the same capacity.
CONCLUSION
The genesis block has give way to a better standard of living. The product in which it gives way is crypto currency. This product has make the world technology to stand on its ground. Thanks to those who invented this block called GENESIS BLOCK and thanks to also the pioneer to BITCOIN GENESIS BLOCK. This way of crypto currency has make me to follow its moving train mainly the bitcoin genesis block. One more thanks to Satoshi Nakamoto for his value toward creating this opportunity.
cc:
@awesononso.